CVC Capital Partners, the European private equity firm that has just closed the region's biggest buyout of the year so far, is attempting to break new ground with its next fund.
The firm has its sights set on a new fundraising that will attempt to reach the heights of its €10.75bn 2008 fund, CVC European Equity Partners V, according to market rumours. CVC declined to comment.
Earlier this month the firm closed the biggest European buyout of the year with Ahlsell, the Swedish building products company sold by Cinven and GS Capital Partners for €1.8bn.
Not only does this lead the pack by enterprise value, but the €1.4bn debt package from Nordea, Deutsche Bank, Goldman Sachs, Barclays Capital, DNB and Danske Bank is the largest quantum used since Advent International and Bain Capital's £2bn (€2.49bn) Worldpay purchase in August 2010, backed with £1.2bn.
If the fundraising goes ahead it will be the biggest in Europe since the 2008 crash and the firm will join the likes of Apax Partners, which is looking at a €9bn target after firing the starter pistol last year.
It will also coincide with one of the private equity firm's most high-profile exits to date, as it looks to float Formula 1 in Singapore by July. CVC hopes the planned sale will benefit from the sport's popularity in Asia.
Despite a hiatus immediately after the crash and through 2009, the European private equity major has kept itself busy since last raising in 2008. Since December 2009 it has backed 20 companies including gym chain Virgin Active, London Eye operator Merlin Entertainments and Swiss telco Sunrise Communications.